The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-12-01
WILL COAL PRICES DROP !?
An Eastern Mine Operator Predicts Re-
ductiOn of 81 a Ton in Two Weeks.
Local Dealers, However, Say that There Is No
Indication that Prices in indianapolis
Will Be Reduced Soon.

In q recent interview prominent Philadelphia
mine operator is represented as predicting that
within two weeks the price of anthracite coal
will fall 81 per ton, and that contracts for De-
eember delivery were being taken at 20 cents be-
low the current market rates. He also stated
that the total output Of anthracite from the
mines was greater than ever before. When asked
what the effect Of the strike in the Lehigh col
lisries had been, he answered:
'It has contributed to make the price higher,
not by lessenine the output of coal. but by caus-
ing an unwarranted fear in inland towns of a
coal famine. From these towns perfectly en-
orn.ss demand for coal has poured in. The
worst D.. it was that they all wanted coal at the
same time, and that time was right away The
result was that the railroads did not have cars
enough to ship coal as fast as it was ordered.
and another result that prices went uD.
Why, it is fact that operators and dealers have
been repeatedly offered more for their coal than
they asked. Buyers have practically been bid
ding against one another for anthracite"
'And what will be the reason for decline in
price, if it comesT
II think it will come, and the reason is equal
" natural. The demand which has been max
ing such tremendous squirt will siacken. The
wants of the many inland towns gradually
becoming satisfied. More important still. the
demands of the West will fall off There has
been tremendous shipment of coal for several
weeks to Buffalo, whence anthracite is sent
West by water. The closing of navigation on
the lakes will end this drain the coal regions.
and will give the railroads more to send
East Then great many cars have gone West,
and these will all be back in 8 week Then the
coal will begin to pour toward tidewater from
the Schuylkill and Wyoming regions, and with
a slackened demand will come increased
supply. Naturally, fail IL prices will result. !"
Inquiry made, yesterday. of local coal
dealers to find il any similar CLEANS of light
1ll1mined their minds. In response to the Jour
nal porter's question TO when . fall in the
price of anthracite could be expected, Mr.. Cobb
said: 81 do not expect it before spring. Deal
are paying 81. 10 per ton for 1t now and some
of them more than that OF course, if a full
supply OF anthracite should be received the price
would go down. but do not see where it is to
come from. There is very little here now We
have received invoices of some lots we ordered,
but the coal has not come"
when is anthracite coming DOWN. was asked
of Mr. Meyer"
Nobody knows. There may be fall after
the lat of January. but my opinion is that the
people of the city will be in great luck If there
is any fall before the LIST of March"
What are dealers paying for it now2"
" That depends somewhat on the dealer.
Some OF them i expect are paying as high
$50 per ton. / would be glad to take a large
quantity at 81 to-day, but l may not be to-
morrow. 1t will depend what invoices we
receive"
"But anthracite was quoted at Sc 0s6 %
from here not three weeks ago. at Wholesale, to
Eastern coal journals :"
50 know it was, but that was what it ought to
have been, not what it We have large
lots of anthracite contracted for at Sc, but we
can't get it, and so we might just as well not
have e bought. There is question whatever
that some coal dealers here furnishing their
customers at no profit whatever simply to hold
their trade !"
price was PIT TO Mr.. WATSON also. He replied:
II am certain there will be decline before the
first of January, and do not see how there
be any for two three months later. had
expected a lull in the demand such as usually
occurs on account of the majority Of persons
getting in their entire seasons supply in the
find that very generally orders have been only
partially filed, and that in consequence there
will be no relief from that source"
'But is not the scarcity of cars abating2'
EsNot that can see, nor do | see any prospect
OF it. The lake navigation has closed with only
a partial supply at the points usually fully fur
not be expected to open before spring. The re-
suit lie that everything falls back en- the already
sver-crowded railroads
'1sn'r il really question of price, and not of
upplyp
mot here. There may be combination of
miners and railroads. as has been charged but
the only INDICATIONS tDey give 10 dealers are or
short supply and scarcity of cars We
sent the Philadelphia & Reading Coal and Iron
Com pany. which mines one-third of the authra-
cite used in the country. and they will not ac-
cept orders. Here half 4 dozen that I have
sent in. returned TO me with instructions that it
will be useless to send more until they notify
Us 1 understand the companies have called in
their price circulars in the East, and that coal is
worth whatever it brings"
"What are dealers paying for coall'
From 81 up Some of them have paid as
high as g. 45 / know"
Dealers generally. without exception, so far
as questioned. deny that there is any consider
able amount of anthracite in the city. They
say there is bituminous coal enough for
prospective needs, aud that the price is
falling slowly. 1t is very apparent that
come one is making money out of the
coal famine. and if their statements be be-
lieved the dealers here who are not in the pool
are not making any. On the declarations of the
pooled dealers the money is being made by the
mine operators. The only point that appears to
be ascertained definitely is, who is paving the
extra price. and that Is the citizen who burns IL